India's foreign exchange reserves fall to $584.24 billion

The Reserve Bank of India (RBI) on Friday in its reported data released said India’s foreign exchange reserves fell by $2.164 billion to $584.248 billion for the week ending April 21.

In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion.

Incidentally in October 2021, the country`s forex reserves had reached an all-time high of $645 billion.

In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.

The reserves have been declining as the RBI has used the funds to defend the rupee amid pressures caused mainly by global developments.

(This is a developing story)

With IANS Inputs